GXBank and Zurich Malaysia partner to launch digital insurance

GXBank and Zurich Malaysia partner to launch digital insurance | Insurance Business Asia

The partnership aims to increase access to insurance to this specific population.

Insurance News

Jonalyn Cueto

GXBank Berhad, Malaysia’s first digital bank, has announced a 10-year strategic bancassurance partnership with Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad. The exclusive agreement aims to revolutionise the insurance industry by offering micro-protection products tailored to the needs of the underserved.

The partnership, outlined in a recent joint press announcement, aims to provide simple, easy-to-use and affordable digital insurance solutions. GXBank will use advanced technology and data-driven insights to identify customer pain points and work with Zurich Malaysia to develop innovative digital insurance products.

The first of these digital insurance products will focus on protecting against losses from fraudulent transactions and electronic fraudulent messages resulting from cybercrime and is expected to launch in the third quarter of 2024. The product will target individuals who are underserved in the traditional insurance market.

GXBank CEO Pei-Si Lai expressed his enthusiasm about the partnership, saying, “This collaboration will help protect Malaysians from life and financial uncertainty. We are pleased to partner with Zurich Malaysia, which has a presence in 200 countries and is at the forefront of transforming insurance services. We want to segment insurance and make it affordable and accessible to all Malaysians.”

“For many, the need for insurance protection is often weighed against affordability and financial situation,” said Junior Cho, president and CEO of Zurich Malaysia. “This, coupled with a lack of understanding of the need for insurance protection, are the main reasons why citizens, especially those who are economically vulnerable, go uninsured. This long-term partnership with GXBank allows us to be flexible and agile in co-creating relevant and affordable insurance products. Together, we look forward to empowering Malaysians with confidence and taking control of their financial future, and supporting them to cherish what truly matters in life.”

The launch of new digital insurance products in the third quarter of 2024 will be an important step in making insurance more accessible, especially to people who have been overlooked by traditional insurance models, according to a news release.

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